South Koreans flock to crypto amid a heavy-handed regulation approach
With crypto demand skyrocketing in South Korea, the government is looking to regulate digital assets and the local market is feeling the pressure. In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream.On matters of technology and innovation, South Korea is incredibly progressive. There’s been a....
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South Korea’s “crypto boom” is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments. New Crypto Investors Seem Unafraid of Strict Regulations According to the “Virtual Currency App Market Analysis” research made by big data firm IGA Works, quoted by Edaily, almost 60% of the newest crypto investors in the country are aged 20-30. Remarkably, such a segment of traders often prefers to allocate....
Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a little more than half of South Koreans support the taxing of profits from cryptocurrency trading, local media reported on Monday. In numbers, 53.7 percent of the respondents back the authorities’ initiative to levy taxes on capital gains....
South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the regulation of crypto asset service providers (CASPs).” Crypto Service Providers to Adhere to AML/CFT Requirements The 49-page document also “sets out 25 recommendations for a revised South African policy, legal and....
South Korea is known to host significant crypto trading activity. South Koreans were among the major players during the 2017 crypto boom. The country accounts for less than 1% of the world’s population. But they were behind 30% of the crypto trading volume that year. This was according to estimates by fintech company Cindicator at […]
Recently in December 2013, the Indian Central Bank (Reserve Bank of India, RBI) decided to not regulate, and stated clearly that they lacked expert knowledge on the subject at that time. So they cautioned people not to trade in Bitcoin or any other similar crypto-currency. A few days after, one exchange and a Bitcoin information (and dust holder) site closed down, BuySellBitCo.in and rbitco.in, respectively. These actions were undertaken by the RBI's own Enforcement Department (ED), which conducted the search and closure operations on two properties. These incidents occurred immediately....